ruya, a new digital Islamic community bank, is set to officially launch in the UAE market, aiming to be the first of its kind in the country.
The digital bank, which is licensed by the Central Bank of the UAE as a specialized bank under its official business/corporate name Ruya Islamic Community Bank, will be offering app-based Islamic banking products, including current and savings accounts and investment services. The bank’s website has opened its waitlist for those interested to sign up and try the app.
“Our user-friendly app will be paired with open-door branches that will serve as educational and collaborative community centers, fostering financial literacy and inclusivity,” shared Marwan Obaid Al Muheiri, the vice-chairman of the neobank.
The centers are designed as open house forums to encourage informal interactions between the bank, its community members and its customers. A dedicated community manager will lead each center or branch, with the primary role of facilitating the bank’s engagement with the local community.
ruya’s first community banking center and head office will be located in the Marsa area of the Ajman emirate.
“Choosing Ajman as our base from where we serve the whole UAE reflects our commitment to supporting vibrant and evolving communities. ruya embodies our values of ethical investment and social responsibility and we are confident it will have a positive impact on the UAE’s financial landscape,” said Naser Mohamed Almur Al Zaabi, the chairman of ruya.
The UAE has maintained a keen focus on fintech and the digitalization of its banking sector; at least three challenger banks have announced their plans to launch Islamic products. Zurich Capital Funds Group in 2021 announced the launch of RIZQ/Baraka, which would have been the first-ever fully digital Islamic bank in the UAE, but there has been no news on the neobank of late.
Abu Dhabi Islamic Bank and Dubai Islamic Bank meanwhile both run their own digital-only banking units.